Did ED Attach Assets Valued at Rs 2.29 Crore in Jiwa Mines PMLA Case in Goa?
Synopsis
In a significant development, the Enforcement Directorate has provisionally seized assets worth Rs 2.29 crore linked to Jiwa Mines, marking a crucial step in the fight against financial fraud. This case reveals intricate connections between foreign investments and local fraud schemes, making it a noteworthy story for those interested in economic justice.
Key Takeaways
ED attached assets worth Rs 2.29 crore in a fraud case.
Properties included a flat in Mumbai and land in Maharashtra .
The case involves allegations of cheating against Jiwa Mines.
Investigation initiated based on FIR from Goa Police.
Ongoing investigations reveal significant fraudulent activities.
Panaji, Feb 14 (NationPress) - The Enforcement Directorate's Panaji Zonal Office has provisionally attached three immovable properties worth Rs 2.29 crore under the Prevention of Money Laundering Act (PMLA), 2002. This action relates to a significant fraud case involving Jiwa Mines and Minerals Ltd, according to officials on Saturday.
The case centers around allegations of cheating and criminal breach of trust against the China-based Lao Ting Dadi Mobile Components Co Ltd, which was swindled out of around Rs 13.42 crore (USD 2.95 million) in 2010.
The properties now under attachment include a residential flat in Mumbai’s Andheri (West) and two land parcels located in Galel, Sawantwadi, within the Sindhudurg district of Maharashtra.
The ED stated, "These properties represent proceeds of crime and were acquired in the names of the accused using funds generated through the deception of a foreign entity."
The federal agency commenced its investigation following a First Information Report (FIR) and a subsequent chargesheet filed by the Goa Police's Economic Offences Cell.
Investigators revealed that the accused lured the Chinese firm, Lao Ting Dadi Mobile Components, into a joint venture for iron ore mining and export through Jiwa Mines and Minerals Ltd. The victims were allegedly misled by false promises and misrepresentations regarding mining rights and ownership.
Despite receiving substantial funds, no excavation or export activities were conducted. Instead, the accused misappropriated the capital for personal gain, the agency indicated.
Analysis of bank transactions established a systematic pattern of fund diversion and layering to acquire the attached properties.
Further investigations into the Jiwa Mines case are currently underway.
This enforcement action comes on the heels of several high-value property attachments in the coastal state. In December 2025, the ED attached 19 properties worth Rs 1,268 crore linked to a significant land grab scam in North Goa. Similarly, in August 2025, assets valued at Rs 2.86 crore were confiscated in a banking fraud case involving Crown Minerals Trading Corporation.
Point of View
I believe this enforcement action underscores the critical need for stringent measures against financial fraud. It highlights the importance of safeguarding foreign investments and ensuring accountability in business operations. The ED's proactive approach serves as a reminder that such illicit activities will not be tolerated.
NationPress
10 May 2026
Frequently Asked Questions
What properties were attached by the ED?
The ED provisionally attached three immovable properties, including a residential flat in Mumbai's Andheri (West) and two land parcels in Galel, Sawantwadi, Maharashtra.
What is the reason for the ED's investigation?
The investigation stems from allegations of cheating and criminal breach of trust against Jiwa Mines and Minerals Ltd, involving a significant amount of money defrauded from Lao Ting Dadi Mobile Components Co Ltd.
What was the total amount defrauded in this case?
Lao Ting Dadi Mobile Components Co Ltd was defrauded of approximately Rs 13.42 crore (USD 2.95 million) in 2010.
What does PMLA stand for?
PMLA stands for the Prevention of Money Laundering Act, which was enacted in 2002 to combat money laundering and related financial crimes.
Is further investigation ongoing?
Yes, further investigation into the Jiwa Mines case is currently underway.
